Intellipharmaceutics International Inc. (NASDAQ:IPCI) (TSX:I)
(“Intellipharmaceutics” or the “Company”), a pharmaceutical company
specializing in the research, development and manufacture of novel
and generic controlled-release and targeted-release oral solid
dosage drugs, today reported the results of operations for the
three and nine months ended August 31, 2016. All dollar
amounts referenced herein are in United States dollars unless
otherwise noted.
Recent Highlights
- Announced Tentative Approval by the U.S. Food and Drug
Administration (“FDA”) of the Company's generic Seroquel XR®
- Signed an Exclusive License and Commercial Supply Agreement
with Mallinckrodt for the Company’s generic Seroquel®, generic
Pristiq® and generic Lamictal® XR™
- October 2016 cash on hand of $4.5 million
Corporate Developments
- In October 2016, the Company entered into a license and
commercial supply agreement with Mallinckrodt LLC ("Mallinckrodt"),
granting Mallinckrodt an exclusive license to market, sell and
distribute in the U.S. the following extended release drug product
candidates (the "licensed products") for which the Company has
Abbreviated New Drug Applications (“ANDAs”) filed with the
FDA:
- Quetiapine fumarate extended-release tablets (generic Seroquel
XR®) – ANDA Tentatively Approved by FDA
- Desvenlafaxine extended-release tablets (generic Pristiq®) –
ANDA Under FDA Review
- Lamotrigine extended-release tablets (generic Lamictal® XR™) –
ANDA Under FDA Review
Under the terms of the 10-year agreement, the
Company received a non-refundable upfront payment of $3 million in
October 2016. In addition, the agreement also provides for a
long-term profit sharing arrangement with respect to the licensed
products. The Company has agreed to manufacture and supply the
licensed products exclusively for Mallinckrodt, and Mallinckrodt
has agreed that the Company will be its sole supplier of the
licensed products marketed in the U.S. The agreement contains
customary terms and conditions for an agreement of this kind, and
is subject to early termination in the event the Company does not
obtain FDA approvals of the licensed products by specified dates,
or pursuant to any one of several termination rights of each
party.
- In October 2016, the Company received tentative approval from
the FDA for its ANDA for generic Seraquel® (quetiapine fumarate
extended-release tablets) in the 50, 150, 200, 300 and 400 mg
strengths. Pursuant to a settlement agreement between the
Company and AstraZeneca Pharmaceuticals LP (“AstraZeneca”) dated
July 30, 2012, the Company is permitted to launch its generic
versions of the 50, 150, 200, 300 and 400 mg strengths of generic
Seroquel XR®, on November 1, 2016, subject to FDA final approval of
the Company's ANDA for those strengths. Such FDA final approval is
subject to a 180 day exclusivity period relating to a prior filer
or filers of a generic equivalent of the branded product. To
our knowledge, two companies have first-to-file status and may be
in a position to launch on November 1, 2016, although we cannot be
certain of that date. Our intent is to launch these strengths after
FDA final approval following expiry of the other companies’
exclusivity period(s). There are currently no generics of Seroquel
XR® available in the U.S. market as the product is still under
AstraZeneca’s patent protection until November 1, 2017.
- In July 2016, the FDA completed its review of our previously
requested waiver of the New Drug Applications (“NDAs”) user fee
related to our Rexista® (abuse deterrent oxycodone hydrochloride
extended release tablets) NDA product candidate. The FDA,
under the small business waiver provision section 736(d)(1)(D) of
the Federal Food, Drug, and Cosmetics Act, granted the Company a
waiver of the $1,187,100 application fee for Rexista® .
- In July 2016, the Company announced the results of a food
effect study conducted on its behalf for Rexista®. The study
design was a randomized, one-treatment two periods, two sequences,
crossover, open label, laboratory-blind bioavailability study for
Rexista® following a single 80 mg oral dose to healthy adults
under fasting and fed conditions. The study showed that
Rexista® can be administered with or without a meal (i.e., no
food effect). Rexista® met the bioequivalence criteria
(90% confidence interval of 80% to 125%) for all matrices,
involving maximum plasma concentration and area under the curve
(i.e., Cmax ratio of Rexista® taken under fasted conditions to fed
conditions, and AUC metrics taken under fasted conditions to fed
conditions). The Company believes that Rexista® is well
differentiated from currently marketed oral oxycodone extended
release products. The Company plans to file the NDA for
Rexista® in the fourth quarter of 2016.
- In June 2016, the Company completed an underwritten public
offering of 3,229,814 units of common shares and warrants, at a
price of $1.61 per unit. The warrants are currently exercisable,
have a term of five years and an exercise price of $1.93 per common
share. The Company issued at the initial closing of the offering an
aggregate of 3,229,814 common shares and warrants to purchase an
additional 1,614,907 common shares. The underwriter also purchased
at such closing additional warrants to acquire 242,236 common
shares pursuant to the over-allotment option exercised in part by
the underwriter. The Company subsequently sold an aggregate of
459,456 additional common shares at the public offering price of
$1.61 per share in connection with subsequent partial exercises of
the underwriter’s over-allotment option. The closings of these
partial exercises brought the total net proceeds from the offering
to approximately $5.1 million, after deducting the underwriter’s
discount and offering expenses.
There can be no assurance as to when or if any of the licensed
products will receive final FDA approval or that, if so approved,
the licensed products will be successfully commercialized and
produce significant revenues for us. Also, there can be no
assurance that we will not be required to conduct further studies
for Rexista®, that we will continue to satisfy the criteria for the
waiver of the application fee, that we will file an NDA for
Rexista® in the fourth quarter of 2016, that the FDA will
ultimately approve the NDA for the sale of Rexista® in the U.S.
market, or that it will ever be successfully commercialized, that
we will be successful in submitting any additional ANDAs,
Abbreviated New Drug Submissions (“ANDSs”) or NDAs with the FDA or
similar applications with Health Canada, that the FDA or Health
Canada will approve any of our current or future product candidates
for sale in the U.S. market and Canadian market, or that they will
ever be successfully commercialized and produce significant revenue
for us.
2016 Third Quarter Financial Results
Revenue related to the Company’s license and commercialization
agreement with Par Pharmaceutical, Inc. in the three months ended
August 31, 2016 was $0.6 million versus $0.8 million for the three
months ended August 31, 2015. These revenues are principally from
sales of its generic Focalin XR® (dexmethylphenidate hydrochloride
extended-release capsules) for the 15 and 30 mg strengths. The
decrease in revenues is primarily due to increased competition and
a softening of pricing conditions for our generic Focalin XR®
capsules. A fifth generic competitor entered the market in
the second half of 2015, resulting in increased price competition
and lower market share. Our market share for the combined
strengths has stabilized over the last several months at
approximately 32% for the combined strengths of our generic Focalin
XR® capsules.
The Company recorded net loss for the three months ended August
31, 2016 of $2.1 million or $0.07 per common share, compared with a
net loss of $1.9 or $0.08 per common share for the three months
ended August 31, 2015. The net loss for the three months ended
August 31, 2016, is higher than the comparable prior period
primarily due to the lower licensing revenues from commercial sales
of generic Focalin XR®. The loss for the 2016 period was due
to ongoing research and development (“R&D”) and selling,
general and administrative expenses, including an increase in
options expense, partially offset by licensing revenues from
commercial sales of generic Focalin XR®.
Expenditures for R&D for the three months ended August 31,
2016 were $1.6 million, compared to $1.7 million for the three
month period ended August 31, 2015. In the three months ended
August 31, 2016, we incurred lower expenses on the development of
several generic product candidates, and an increase in options
expense, compared to the three months ended August 31, 2015.
Selling, general and administrative expenses were $0.9 million
for the three months ended August 31, 2016 in comparison to $0.8
million for the three months ended August 31, 2015, an increase of
$39,330. The slight increase in selling, general and administrative
expense is due to the increase in wages and benefits related to
stock options issuance and marketing costs, partially offset by a
decrease in administrative costs.
For the three months ended August 31, 2016, net cash flows
provided from financing activities of $5.7 million principally
related to the June 2016 closing of the Company’s underwritten
public offering of 3,229,814 units of 3,229,814 common shares and
warrants to purchase an additional 1,614,907 common shares, at a
price of $1.61 per unit. The total net proceeds to the Company from
the offering (after the closing of partial exercises of the
underwriter’s over-allotment option) were approximately $5.1
million, after deducting the underwriter’s discount and offering
expenses. In addition, during the three months ended August
31, 2016, an aggregate of 217,707 of common shares were sold on
NASDAQ under the Company’s at-the-market offering program for gross
proceeds of $414,034, net proceeds of $402,009.
The Company had cash of $2.0 million as at August 31, 2016
compared to $0.2 million as at May 31, 2016. The increase in cash
during the three months ended August 31, 2016 was mainly a result
of an increase in cash flows provided from financing activities
which were mainly from the closing of an underwritten public
offering and common share sales under the Company’s at-the-market
offering program, partially offset by lower cash receipts relating
to commercial sales of our generic Focalin XR®. As of October
13, 2016, after the recent receipt of the $3 million payment from
Mallinckrodt, we had a cash balance of $4.5 million.
About Intellipharmaceutics
Intellipharmaceutics International Inc. is a pharmaceutical
company specializing in the research, development and manufacture
of novel and generic controlled-release and targeted-release oral
solid dosage drugs. The Company's patented Hypermatrix™ technology
is a multidimensional controlled-release drug delivery platform
that can be applied to the efficient development of a wide range of
existing and new pharmaceuticals. Based on this technology
platform, Intellipharmaceutics has developed several drug delivery
systems and a pipeline of products (some of which have received FDA
approval) and product candidates in various stages of development,
including ANDAs filed with the FDA (and one ANDS filed with Health
Canada) in therapeutic areas that include neurology,
cardiovascular, gastrointestinal tract, diabetes and pain.
Intellipharmaceutics also has NDA 505(b)(2) specialty drug
product candidates in its development pipeline. These include
Rexista® (abuse deterrent oxycodone hydrochloride extended release
tablets) based on its proprietary nPODDDS™ novel Point Of
Divergence Drug Delivery System and PODRAS™ Paradoxical OverDose
Resistance Activating System, and Regabatin™ XR (pregabalin
extended-release capsules). Our current development effort is
increasingly directed towards improved difficult-to-develop
controlled-release drugs which follow an NDA 505(b)(2) regulatory
pathway. The Company has increased its research and development
emphasis towards new product development, facilitated by the
505(b)(2) regulatory pathway, by advancing the product development
program for both Rexista® and Regabatin™. The 505(b)(2) pathway
(which relies in part upon the approving agency's findings for a
previously approved drug) both accelerates development timelines
and reduces costs in comparison to NDAs for new chemical entities.
An advantage of our strategy for development of NDA 505(b)(2) drugs
is that our product candidates can, if approved for sale by the
FDA, potentially enjoy an exclusivity period which may provide for
greater commercial opportunity relative to the generic ANDA
route.
Cautionary Statement Regarding Forward-Looking
Information
Certain statements in this document constitute “forward-looking
statements” within the meaning of the United States Private
Securities Litigation Reform Act of 1995 and/or “forward-looking
information” under the Securities Act (Ontario). These statements
include, without limitation, statements expressed or implied
regarding our plans, goals and milestones, status of developments
or expenditures relating to our business, plans to fund our current
activities, statements concerning our partnering activities, health
regulatory submissions, strategy, future operations, future
financial position, future sales, revenues and profitability,
projected costs, and market penetration. In some cases, you can
identify forward-looking statements by terminology such as “may,”
“will,” “should,” “expects,” “plans,” “plans to,” “anticipates,”
“believes,” “estimates,” “predicts,” “potential,” “continue,”
“intends,” “could,” or the negative of such terms or other
comparable terminology. We made a number of assumptions in the
preparation of our forward-looking statements. You should not place
undue reliance on our forward-looking statements, which are subject
to a multitude of known and unknown risks and uncertainties that
could cause actual results, future circumstances or events to
differ materially from those stated in or implied by the
forward-looking statements. Risks, uncertainties and other factors
that could affect our actual results include, but are not limited
to, the effects of general economic conditions, securing and
maintaining corporate alliances, our estimates regarding our
capital requirements, and the effect of capital market conditions
and other factors, including the current status of our product
development programs, on capital availability, the potential
dilutive effects of any future financing and the expected use of
any proceeds from any offering of our securities, our ability to
maintain compliance with the continued listing requirements of the
principal markets on which our securities are traded, our programs
regarding research, development and commercialization of our
product candidates, the timing of such programs, the timing, costs
and uncertainties regarding obtaining regulatory approvals to
market our product candidates and the difficulty in predicting the
timing and results of any product launches, and the timing and
amount of any available investment tax credits, the actual or
perceived benefits to users of our drug delivery technologies,
products and product candidates as compared to others, our ability
to establish and maintain valid and enforceable intellectual
property rights in our drug delivery technologies, products and
product candidates, the scope of protection provided by
intellectual property for our drug delivery technologies, products
and product candidates, the actual size of the potential markets
for any of our products and product candidates compared to our
market estimates, our selection and licensing of products and
product candidates, our ability to attract distributors and
collaborators with the ability to fund patent litigation and with
acceptable development, regulatory and commercialization expertise
and the benefits to be derived from such collaborative efforts,
sources of revenues and anticipated revenues, including
contributions from distributors and collaborators, product sales,
license agreements and other collaborative efforts for the
development and commercialization of product candidates, our
ability to create an effective direct sales and marketing
infrastructure for products we elect to market and sell directly,
the rate and degree of market acceptance of our products, delays
that may be caused by changing regulatory requirements, the
difficulty in predicting the timing of regulatory approval and
launch of competitive products, the difficulty in predicting the
impact of competitive products on volume, pricing, rebates and
other allowances, the inability to forecast wholesaler demand
and/or wholesaler buying patterns, the seasonal fluctuation in the
numbers of prescriptions written for our Focalin XR®
(dexmethylphenidate hydrochloride extended-release) capsules which
may produce substantial fluctuations in revenues, the timing and
amount of insurance reimbursement for our products, changes in laws
and regulations affecting the conditions required by the FDA for
approval and labelling of drugs including abuse or overdose
deterrent properties, and changes affecting how opioids are
regulated and prescribed by physicians, changes in the laws and
regulations, including Medicare and Medicaid, affecting among other
things, pricing and reimbursement of pharmaceutical products, the
success and pricing of other competing therapies that may become
available, our ability to retain and hire qualified employees, the
availability and pricing of third party sourced products and
materials, challenges related to the development,
commercialization, technology transfer, scale-up, and/or process
validation of manufacturing processes for our product candidates,
the manufacturing capacity of third-party manufacturers that we may
use for our products, the successful compliance with FDA, Health
Canada and other governmental regulations applicable to the Company
and its third party manufacturers' facilities, products and/or
businesses, difficulties, delays or changes in the FDA approval
process or test criteria for ANDAs and NDAs, risks associated with
cyber-security and the potential for vulnerability of the digital
information of the Company or a current and/or future drug
development or commercialization partner of the Company and risks
arising from the ability and willingness of our third-party
commercialization partners to provide documentation that may be
required to support information on revenues earned by us from those
commercialization partners. Additional risks and uncertainties
relating to the Company and our business can be found in the “Risk
Factors” section of our latest annual information form, our latest
Form 20-F, and our latest Form F-3 (including any documents forming
a part thereof or incorporated by reference therein), as well as in
our reports, public disclosure documents and other filings with the
securities commissions and other regulatory bodies in Canada and
the U.S., which are available on www.sedar.com and www.sec.gov. The
forward-looking statements reflect our current views with respect
to future events and are based on what we believe are reasonable
assumptions as of the date of this document, and we disclaim any
intention and have no obligation or responsibility, except as
required by law, to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise.
Trademarks used herein are the property of their respective
holders.
Nothing contained in this document should be construed to imply
that the results discussed herein will necessarily continue or that
any conclusion reached herein will necessarily be indicative of
actual operating results of the Company.
The condensed unaudited interim consolidated financial
statements, accompanying notes to the condensed unaudited interim
consolidated financial statements, and Management Discussion and
Analysis for the three and nine months ended August 31, 2016 will
be accessible on Intellipharmaceutics’ website at
www.intellipharmaceutics.com and will be available on SEDAR
and EDGAR.
Summary financial tables are provided
below.
Intellipharmaceutics International Inc. |
Condensed unaudited interim consolidated balance sheets |
As at |
(Stated in U.S. dollars) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
August 31, |
|
November 30, |
|
|
|
|
|
|
2016 |
|
|
2015 |
|
|
|
|
|
$ |
|
$ |
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
Current |
|
|
|
|
|
Cash |
|
|
1,983,361 |
|
|
|
1,755,196 |
|
|
Accounts
receivable, net |
|
|
356,685 |
|
|
|
478,674 |
|
|
Investment
tax credits |
|
|
668,556 |
|
|
|
458,021 |
|
|
Prepaid expenses, sundry and other assets |
|
|
234,222 |
|
|
|
229,225 |
|
|
|
|
|
|
|
3,242,824 |
|
|
|
2,921,116 |
|
|
|
|
|
|
|
|
|
Deferred
offering costs |
|
|
468,961 |
|
|
|
543,745 |
|
Property and equipment, net |
|
|
1,655,720 |
|
|
|
1,759,438 |
|
|
|
|
|
|
|
5,367,505 |
|
|
|
5,224,299 |
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
Current |
|
|
|
|
|
Accounts
payable |
|
|
1,534,499 |
|
|
|
3,027,974 |
|
|
Accrued
liabilities |
|
|
238,794 |
|
|
|
454,290 |
|
|
Employee
costs payable |
|
|
176,562 |
|
|
|
175,172 |
|
|
Current
portion of capital lease obligations |
|
|
20,602 |
|
|
|
20,460 |
|
|
Convertible debenture |
|
|
1,493,759 |
|
|
|
1,518,429 |
|
|
|
|
|
|
|
3,464,216 |
|
|
|
5,196,325 |
|
|
|
|
|
|
|
|
|
Capital
lease obligations |
|
|
- |
|
|
|
15,660 |
|
Deferred
revenue |
|
|
150,000 |
|
|
|
150,000 |
|
|
|
|
|
|
|
3,614,216 |
|
|
|
5,361,985 |
|
|
|
|
|
|
|
|
|
Shareholders' equity (deficiency) |
|
|
|
|
Capital
stock |
|
|
|
|
|
Authorized |
|
|
|
|
|
|
Unlimited
common shares without par value |
|
|
|
|
|
|
Unlimited
preference shares |
|
|
|
|
|
Issued and
outstanding |
|
|
|
|
|
|
28,964,770
common shares |
|
|
27,621,693 |
|
|
|
21,481,242 |
|
|
|
|
(2015 -
24,244,050) |
|
|
|
|
Additional
paid-in capital |
|
|
32,949,890 |
|
|
|
30,969,093 |
|
Accumulated
other comprehensive income |
|
|
284,421 |
|
|
|
284,421 |
|
Accumulated deficit |
|
|
(59,102,715 |
) |
|
|
(52,872,442 |
) |
|
|
|
|
|
|
1,753,289 |
|
|
|
(137,686 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,367,505 |
|
|
|
5,224,299 |
|
|
|
|
|
|
|
|
|
Intellipharmaceutics International Inc. |
Condensed unaudited interim consolidated statements of
operations and comprehensive loss |
|
|
(Stated in U.S. dollars) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
|
Nine months ended |
|
|
|
|
|
August 31, 2016 |
|
August 31, 2015 |
|
|
|
August 31, 2016 |
|
August 31, 2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
|
$ |
|
|
|
$ |
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
|
|
|
|
|
|
|
|
|
Licensing |
|
554,925 |
|
|
|
840,748 |
|
|
|
|
|
1,677,906 |
|
|
|
3,248,678 |
|
|
|
|
|
|
|
554,925 |
|
|
|
840,748 |
|
|
|
|
|
1,677,906 |
|
|
|
3,248,678 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses |
|
|
|
|
|
|
|
|
|
|
Research
and development |
|
1,633,150 |
|
|
|
1,676,549 |
|
|
|
|
|
4,904,405 |
|
|
|
4,288,624 |
|
|
Selling,
general and administrative |
|
855,597 |
|
|
|
816,267 |
|
|
|
|
|
2,521,427 |
|
|
|
2,664,369 |
|
|
Depreciation |
|
97,254 |
|
|
|
97,796 |
|
|
|
|
|
283,380 |
|
|
|
270,829 |
|
|
|
|
|
|
|
2,586,001 |
|
|
|
2,590,612 |
|
|
|
|
|
7,709,212 |
|
|
|
7,223,822 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from
operations |
|
(2,031,076 |
) |
|
|
(1,749,864 |
) |
|
|
|
|
(6,031,306 |
) |
|
|
(3,975,144 |
) |
Net foreign
exchange (loss) gain |
|
(26,163 |
) |
|
|
10,626 |
|
|
|
|
|
(31,715 |
) |
|
|
33,723 |
|
Interest
income |
|
- |
|
|
|
1,481 |
|
|
|
|
|
204 |
|
|
|
1,498 |
|
Interest
expense |
|
(52,917 |
) |
|
|
(29,890 |
) |
|
|
|
|
(167,456 |
) |
|
|
(249,654 |
) |
Loss on
extinguishment of debt |
|
- |
|
|
|
(114,023 |
) |
|
|
|
|
- |
|
|
|
(114,023 |
) |
Net loss and comprehensive loss |
|
(2,110,156 |
) |
|
|
(1,881,670 |
) |
|
|
|
|
(6,230,273 |
) |
|
|
(4,303,600 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss per
common share, basic and diluted |
|
(0.07 |
) |
|
|
(0.08 |
) |
|
|
|
|
(0.24 |
) |
|
|
(0.18 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of
common |
|
|
|
|
|
|
|
|
|
|
shares outstanding, basic and diluted |
|
28,437,368 |
|
|
|
23,951,160 |
|
|
|
|
|
25,878,966 |
|
|
|
23,552,824 |
|
|
|
|
|
|
|
|
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|
Intellipharmaceutics International Inc. |
Condensed unaudited interim consolidated statements of cash
flows |
|
|
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|
|
|
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|
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|
(Stated in U.S. dollars) |
|
|
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|
Three months ended |
|
Nine months ended |
|
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|
August 31, 2016 |
|
August 31, 2015 |
|
August 31, 2016 |
|
August 31, 2015 |
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|
$ |
|
$ |
|
$ |
|
$ |
|
|
|
|
|
|
|
|
|
|
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|
Net
loss |
|
(2,110,156 |
) |
|
|
(1,881,670 |
) |
|
|
(6,230,273 |
) |
|
|
(4,303,600 |
) |
Items not
affecting cash |
|
|
|
|
|
|
|
|
Depreciation |
|
97,254 |
|
|
|
97,796 |
|
|
|
283,380 |
|
|
|
270,829 |
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|
Stock-based
compensation |
|
332,358 |
|
|
|
24,384 |
|
|
|
1,033,216 |
|
|
|
75,553 |
|
|
Deferred
shared units |
|
8,200 |
|
|
|
8,171 |
|
|
|
24,195 |
|
|
|
25,417 |
|
|
Accreted
interest on convertible debt |
|
4,919 |
|
|
|
(20,764 |
) |
|
|
22,633 |
|
|
|
83,759 |
|
|
Loss on
extinguishment of debt |
|
- |
|
|
|
114,023 |
|
|
|
- |
|
|
|
114,023 |
|
|
Unrealized
foreign exchange loss/(gain) |
|
34,860 |
|
|
|
44,306 |
|
|
|
29,823 |
|
|
|
2,895 |
|
|
|
|
|
|
|
|
|
|
|
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|
Change in
non-cash operating assets & liabilities |
|
|
|
|
|
|
|
|
Accounts
receivable |
|
33,389 |
|
|
|
207,891 |
|
|
|
121,989 |
|
|
|
498,528 |
|
|
Investment
tax credits |
|
(56,474 |
) |
|
|
(16,170 |
) |
|
|
(210,535 |
) |
|
|
(63,207 |
) |
|
Prepaid
expenses, sundry assets and other assets |
|
23,038 |
|
|
|
52,660 |
|
|
|
(4,997 |
) |
|
|
127,820 |
|
|
Accounts
payable and accrued liabilities |
|
(2,230,625 |
) |
|
|
166,728 |
|
|
|
(2,057,880 |
) |
|
|
537,429 |
|
|
Deferred
revenue |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
150,000 |
|
Cash flows used in operating activities |
|
(3,863,237 |
) |
|
|
(1,202,645 |
) |
|
|
(6,988,449 |
) |
|
|
(2,480,554 |
) |
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Financing activities |
|
|
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|
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|
Repayment
of capital lease obligations |
|
(6,047 |
) |
|
|
(7,400 |
) |
|
|
(15,518 |
) |
|
|
(22,099 |
) |
|
Issuance of
common shares on at-the-market financing |
|
414,034 |
|
|
|
718,151 |
|
|
|
1,962,049 |
|
|
|
970,363 |
|
|
Proceeds
from issuance of shares on exercise of warrants |
|
- |
|
|
|
562,500 |
|
|
|
122,092 |
|
|
|
562,500 |
|
|
Issuance of
common shares on option exercise |
|
- |
|
|
|
8,695 |
|
|
|
- |
|
|
|
167,962 |
|
|
Proceeds
from issuance of shares and warrants |
|
5,939,967 |
|
|
|
- |
|
|
|
5,939,967 |
|
|
|
- |
|
|
Offering
costs |
|
(617,743 |
) |
|
|
(115,278 |
) |
|
|
(663,252 |
) |
|
|
(253,016 |
) |
Cash flows from financing activities |
|
5,730,211 |
|
|
|
1,166,668 |
|
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|
7,345,338 |
|
|
|
1,425,710 |
|
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Investing activity |
|
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|
Purchase of
property and equipment |
|
(56,941 |
) |
|
|
(174,643 |
) |
|
|
(128,724 |
) |
|
|
(360,030 |
) |
Cash flows used in investing activities |
|
(56,941 |
) |
|
|
(174,643 |
) |
|
|
(128,724 |
) |
|
|
(360,030 |
) |
|
|
|
|
|
|
|
|
|
|
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|
Increase
(Decrease) in cash |
|
1,810,033 |
|
|
|
(210,620 |
) |
|
|
228,165 |
|
|
|
(1,414,874 |
) |
Cash,
beginning of period |
|
173,328 |
|
|
|
3,029,721 |
|
|
|
1,755,196 |
|
|
|
4,233,975 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash, end of period |
|
1,983,361 |
|
|
|
2,819,101 |
|
|
|
1,983,361 |
|
|
|
2,819,101 |
|
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|
|
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|
Supplemental cash flow information |
|
|
|
|
|
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|
Interest
paid |
|
75,400 |
|
|
|
45,339 |
|
|
|
120,246 |
|
|
|
135,031 |
|
|
Taxes
paid |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
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|
Company Contact :
Intellipharmaceutics International Inc.
Domenic Della Penna
Chief Financial Officer
416-798-3001 ext. 106
investors@intellipharmaceutics.com
Investor Contact:
ProActive Capital
Kirin Smith
646-863-6519
ksmith@proactivecapital.com
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